U.S. Dollar Slumps after Weak U.S. Data

The U.S. dollar hit a three-week low against the euro and a more than one-month low against the yen on Wednesday after weak U.S. economic data on retail sales and producer prices heightened concerns that the Federal Reserve would delay its first rate hike.

Commerce Department data showed U.S. retail sales dropped 0.3 percent in September, while the Labor Department said prices received by U.S. producers fell 0.1 percent in September, the first decline in more than a year.

The data bolstered traders’ views that the U.S. Fed would hold off on raising rates from rock-bottom levels. A rate hike is expected to boost the dollar by driving investment flows into the United States.

CNBC

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